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Melindax71

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19/09/23

11:02

Post #: 69913273
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Originally posted by jibbybagger: ↑

Article from Upstream confirming Tungsten Explorer has finished at Nara-1X...for now. It's been reported as being on its way to Walvis Bay, but I've noticed it stopping about 125km short - perhaps some here can speculate why? Is interesting as it was supposed to stay at Nara-1X and test if a discovery was made. In any event, a formal update from Total is expected very soon...

"TotalEnergies has completed its closely watched Nara-1X exploration probe offshore Namibia, with an announcement thought to be imminent on what could — if successful — be another blockbuster oil discovery. The ultra-deepwater Nara-1X probe was drilled by drillship Tungsten Explorer in the red-hot Orange basin in Block 2912. The well results are not known.

However, assuming that TotalEnergies does issue a statement on its Namibia drilling campaign within days — it is also close to completing a well test on the Venus-1X discovery probe in Block 2913B — could be taken as an indication that positive news is imminent. “I believe that TotalEnergies will be issuing a statement soon,” said a knowledgeable source. On the implications of a statement being released and assuming it relates to Nara-1X, another source remarked: “I think it will be good.”

Nevertheless, another informed source cautioned that even if TotalEnergies does issue a statement, it may not necessarily confirm a discovery, while suggesting it was not clear if a drill stem test was undertaken as per the supermajor's original plan. TotalEnergies’ base-case plan, if it made a discovery with the first Nara probe, was to test this probe and then drill and test a follow-up appraisal well.

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Looking at marine traffic Walvis Bay looks quite busy, perhaps there is no room for the TE at the moment!

PCL Price at posting: 1.8¢ Sentiment: Hold Disclosure: Held
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